Another piece of data indicating Bitcoin may be about to make a big move higher...
If bitcoin didn't have enough bullish indicators in its corner for a major bull run, it just got one more.
The Bitcoin Miners Index just crossed zero for the first time since January, and historically when that happens a big run in bitcoin soon follows.
Check it out:
(Source:
)https://twitter.com/TheCryptoLark/status/1310060754737881091/photo/1
- TheCryptoLark
Going back to 2012, this has happened 8 other times.
Of those 8 times, roughly 7 of them have preceded a major move up in the price of bitcoin.
Cool, but what's the Miners Position Index?
I'm glad you asked!
The Miners Position Index is a measure of what miners are doing with their newly mined coins.
A negative number indicates that miners are holding their coins and not sending them to exchanges.
A number above 2 indicates that miners are selling all their newly mined coins immediately when mining them.
Interestingly enough, the price of bitcoin tends to do well not when miners are HODLing their coins, but instead when they are starting to send them to exchanges again.
Perhaps giving strength to the argument that miners tend to HODL coins in weak markets and unload them in strong ones.
While the rational behind the acitivity may be great, the resulting price action is impossible to argue.
Just about every time this 30 day moving average of miner activity goes above zero, the price of bitcoin goes higher.
Will this happen again this time? I can't say for sure, but I do like to play the odds, and the odds say bitcoin will be going up shortly.
Stay informed my friends.
-Doc